Investor sentiment has improved after Beijing's interventions to stabilise China's yuan currency on both the onshore and offshore markets, while Hong Kong authorities expressed their confidence in the value of the Hong Kong dollar - recently the target of speculative short sellers.

"RMB (yuan) stability is now of paramount importance. As the RMB (yuan) exchange rates calm after recent interventions, stocks are likely to stabilise, and can even stage a technical reprieve in the near term," wrote Hao Hong, managing director of research at BOCOM International.

"Recovering oil prices from the epic snow storm will also help."

However, he warned: "The bearish trend is yet to end, fundamentals can deteriorate further."

Banking was the only sector in the mainland that ended the morning lower, while all main indexes rose in Hong Kong.

Energy shares led the gains in both markets, with the sector up 2.6 percent in China and 4 percent in Hong Kong .

Goodbaby International Holdings Ltd, a manufacturer of baby strollers and listed in Hong Kong jumped 8.6 percent after it forecast a 240 percent surge in 2015 net profit on higher sales and improved margins.

But Chinese property developer Future Land Development Holdings Ltd plunged 6 percent in Hong Kong after the company said its chairman Wang Zhenhua was being investigated probed by Chinese authorities on personal matters.